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Meridian Bioscience Reports Fourth Quarter And Full-Year 2012 Operating Results, Declares Regular Cash Dividend, And Reaffirms Fiscal 2013 Guidance

William J. Motto, Executive Chairman of the Board, said, “Meridian Bioscience continues to operate efficiently and enjoys strong profit margins and cash flow. The clear challenge and focus for fiscal 2013 and beyond is to accelerate the growth of net sales. With new products being introduced along several product lines and our recently re-aligned sales force, we expect strong top-line results. Our balance sheet is sound and our cash flow comfortably supports working capital requirements, capital expenditures, and cash dividends. The annual indicated cash dividend rate for fiscal 2013 has been set at $0.76 per share, unchanged from the prior fiscal year. We are mindful that this rate has been unchanged since fiscal 2010 and intend to consider an increase to the rate when the expected increase in sales and earnings materialize. From my perspective, Meridian Bioscience has all the necessary ingredients to move into its next stage of growth. These are exciting times for Meridian and I look forward to reporting the quarterly results for fiscal 2013.”

NON-GAAP FINANCIAL MEASURES

In this press release, we have provided information on net earnings and diluted earnings per share excluding the effect of costs associated with the consolidation of our Saco, Maine operations into our Tennessee facility (2012 & 2011) and the reorganizing of our Sales and Marketing Leadership (2011). We believe this information is useful to an investor in evaluating our performance because:

  1. These measures help investors to more meaningfully evaluate and compare the results of operations from period to period by removing the impact of non-routine costs related to consolidating the Maine operations and reorganizing our Sales and Marketing Leadership; and
  2. These measures are used by our management for various purposes, including evaluating performance against incentive bonus achievement targets, comparing performance from period to period in presentations to our board of directors, and as a basis for strategic planning and forecasting.

We have provided reconciliations of net earnings, basic earnings per share and diluted earnings per share, with and without the effects of the plant consolidation and leadership reorganization costs noted above, in the tables below for the fourth quarters and full-year fiscal years ended September 30, 2012 and September 30, 2011.

FOURTH QUARTER AND FISCAL YEARGAAP TO NON-GAAP RECONCILIATION TABLES(In Thousands, Except per Share Data)

       
Three Months Ended Twelve Months Ended
September 30, September 30,
2012   2011 2012   2011
Net Earnings -
U.S. GAAP basis $ 8,573 $ 6,710 $ 33,371 $ 26,831
Facility Consolidation costs - 691 659 691
Sales & Marketing Leadership Reorganization   -   -   -   872
Adjusted Earnings $ 8,573 $ 7,401 $ 34,030 $ 28,394
 
Net Earnings per Basic Common Share -
U.S. GAAP basis $ 0.21 $ 0.16 $ 0.81 $ 0.66
Facility Consolidation costs - 0.02 0.02 0.02
Sales & Marketing Leadership Reorganization   -   -   -   0.02
Adjusted Basic EPS $ 0.21 $ 0.18 $ 0.83 $ 0.70
 
Net Earnings per Diluted Common Share -
U.S. GAAP basis $ 0.21 $ 0.16 $ 0.80 $ 0.65
Facility Consolidation costs - 0.02 0.02 0.02
Sales & Marketing Leadership Reorganization   -   -   -   0.02
Adjusted Diluted EPS $ 0.21 $ 0.18 $ 0.82 $ 0.69
 

FORWARD LOOKING STATEMENTS

Stock quotes in this article: VIVO 

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